PM’s Finance Advisor Claims No Increase in Debt in last Four Months
According to him, on June 30, 2020, Pakistan's total debt was Rs 36,460 billion, which remained the same on November 15
BUSINESS DESK: Federal Minister for Information Senator Shibli Faraz and Advisor to the Prime Minister on Finance Dr Abdul Hafeez Sheikh have claimed in a joint press conference that the debt has not increased in last four months.
According to him, on June 30, 2020, Pakistan’s total debt was Rs 36,460 billion, which remained the same on November 15.
He said that loans have also been taken from private banks during this period.
But the volume of those loans has not increased as the rupee has strengthened against the dollar.
The finance adviser also claimed that if all the exporters of the country claim a refund from Form H, they get a refund within 72 hours.
Three journalists present at the same press conference had raised their hands not to get their income tax refunds.
Talks with IMF
Finance Advisor Dr. Abdul Hafeez Sheikh said that talks with IMF are still going on and mission will come to Pakistan soon.
According to Dr. Shaikh, the IMF has released Rs 1.40 billion. Pakistan has sought three major concessions in talks with the IMF during corona.
The first is to expand the scope of the Ehsas Cash Grant for Corona.
Second, subsidy of Rs. 50 billion for Utility Stores Corporation.
And third, the recent reduction in electricity prices for Pakistan’s export industry.
Now the IMF is urging Pakistan to increase tax revenues, reduce electricity losses and reduce spending.
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Replying to a question, Dr Abdul Hafeez Sheikh said that there was no shortage of wheat and sugar in the country.
According to him, a subsidy of Rs 50 billion is being given to utility stores.
Informal Session
After the press conference, he also had informal session with journalists, in which he revealed that the country’s powerful business lobbies were angry and making conspiracies against them.
